MERTENS CONSULT: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
MERTENS CONSULT
Largest movements
- Tangible fixed assets -€78,791
down €78,791 (-5.6%), from €1.4m to €1.3m
of which Land and buildings: -€76,453
- Cash +€22,651
up €22,651 (+7.4%), from €305,299 to €327,950
mainly Other debts (+€141,050) and Depreciation (+€107,561)
- Other debts +€141,050
up €141,050 (+162%), from €87,000 to €228,050
- Debts after one year -€110,770
down €110,770 (-22.7%), from €488,079 to €377,309
of which Financial debts: -€96,667
- Reserves -€98,539
down €98,539 (-11.4%), from €865,121 to €766,582
of which Distributable reserves: -€76,327
- Tax, wage and social debts +€23,347
up €23,347 (+157%), from €14,867 to €38,214
- Other operating charges -€23,284
down €23,284 (-99.5%), from €23,411 to €128
- Gross operating margin -€8,684
down €8,684 (-4.3%), from €202,760 to €194,076
- Taxes +€5,628
up €5,628 (+20.4%), from €27,554 to €33,183
- Financial charges -€3,845
down €3,845 (-18.5%), from €20,749 to €16,904
- Financial income -€2,782
down €2,782 (-49.6%), from €5,604 to €2,822
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,724,766 | €1,667,555 | -€57,210 | -3.3% |
| Fixed assets | 21/28 | €1,406,284 | €1,327,493 | -€78,791 | -5.6% |
| Tangible fixed assets | 22/27 | €1,406,284 | €1,327,493 | -€78,791 | -5.6% |
| Land and buildings | 22 | €1,400,950 | €1,324,496 | -€76,453 | -5.5% |
| Furniture and vehicles | 24 | €5,334 | €2,997 | -€2,337 | -43.8% |
| Current assets | 29/58 | €318,482 | €340,062 | +€21,580 | +6.8% |
| Amounts receivable within one year | 40/41 | €10,854 | €9,488 | -€1,366 | -12.6% |
| Trade receivables | 40 | - | €8,901 | +€8,901 | |
| Other amounts receivable | 41 | €10,854 | €587 | -€10,267 | -94.6% |
| Cash at bank and in hand | 54/58 | €305,299 | €327,950 | +€22,651 | +7.4% |
| Deferred charges and accrued income | 490/1 | €2,330 | €2,625 | +€295 | +12.7% |
| Total equity and liabilities | 10/49 | €1,724,766 | €1,667,555 | -€57,210 | -3.3% |
| Equity | 10/15 | €945,796 | €847,256 | -€98,539 | -10.4% |
| Contributions | 10/11 | €23,917 | €23,917 | = | 0.0% |
| Reserves | 13 | €865,121 | €766,582 | -€98,539 | -11.4% |
| Tax-exempt reserves | 132 | €219,826 | €197,615 | -€22,212 | -10.1% |
| Distributable reserves | 133 | €645,295 | €568,967 | -€76,327 | -11.8% |
| Profit (loss) carried forward | 14 | €56,757 | €56,757 | = | 0.0% |
| Provisions and deferred taxes | 16 | €73,275 | €65,538 | -€7,737 | -10.6% |
| Deferred taxes | 168 | €73,275 | €65,538 | -€7,737 | -10.6% |
| Amounts payable | 17/49 | €705,695 | €754,761 | +€49,066 | +7.0% |
| Amounts payable after more than one year | 17 | €488,079 | €377,309 | -€110,770 | -22.7% |
| Financial debts | 170/4 | €378,611 | €281,944 | -€96,667 | -25.5% |
| Trade debts | 175 | €109,468 | €95,365 | -€14,104 | -12.9% |
| Amounts payable within one year | 42/48 | €217,616 | €377,452 | +€159,836 | +73.4% |
| Current portion of amounts payable after more than one year | 42 | €110,574 | €110,770 | +€197 | +0.2% |
| Trade debts | 44 | €5,175 | €418 | -€4,757 | -91.9% |
| Suppliers | 440/4 | €5,175 | €418 | -€4,757 | -91.9% |
| Taxes, remuneration and social security | 45 | €14,867 | €38,214 | +€23,347 | +157% |
| Taxes | 450/3 | €14,867 | €38,214 | +€23,347 | +157% |
| Other amounts payable | 47/48 | €87,000 | €228,050 | +€141,050 | +162% |
| Non-recurring operating income | 76A | €1,584 | - | -€1,584 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €105,148 | €107,561 | +€2,413 | +2.3% |
| Other operating charges | 640/8 | €23,411 | €128 | -€23,284 | -99.5% |
| Non-recurring operating charges | 66A | €5,369 | - | -€5,369 | |
| Gross operating margin | 9900 | €202,760 | €194,076 | -€8,684 | -4.3% |
| Operating profit (loss) | 9901 | €68,831 | €86,388 | +€17,556 | +25.5% |
| Financial income | 75/76B | €5,604 | €2,822 | -€2,782 | -49.6% |
| Recurring financial income | 75 | €5,604 | €2,822 | -€2,782 | -49.6% |
| Financial charges | 65/66B | €20,749 | €16,904 | -€3,845 | -18.5% |
| Recurring financial charges | 65 | €20,749 | €16,904 | -€3,845 | -18.5% |
| Profit (loss) for the period before taxes | 9903 | €53,686 | €72,306 | +€18,620 | +34.7% |
| Transfer from deferred taxes | 780 | €7,737 | €7,737 | = | 0.0% |
| Income taxes | 67/77 | €27,554 | €33,183 | +€5,628 | +20.4% |
| Profit (loss) for the period | 9904 | €33,869 | €46,861 | +€12,991 | +38.4% |
| Transfer from tax-exempt reserves | 789 | €23,212 | €22,212 | -€1,000 | -4.3% |
| Profit (loss) for the period to be appropriated | 9905 | €57,081 | €69,073 | +€11,991 | +21.0% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.